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Foreclosure in 33140 : Real Estate Advice

  • All42
  • Local Info1
  • Home Buying18
  • Home Selling4
  • Market Conditions1

Activity 9
Tue May 20, 2014
Irina Karan answered:
Hello Maria Elena,

There is no number of the building.
Right now, there are two Unit 307 on Collins Ave.
4391 Collins - Fontainbleau III Sorento 1/1.5
5701 Collins - Arlen Beach - 1/2

Let me know which you'd like to see!

Hope this helps,

Irina Karan
Beachfront Realty, Inc.
... more
1 vote 2 answers Share Flag
Sun May 11, 2014
Mott Marvin Kornicki answered:
There is no safety zone;

Write, Call and make contact with the lender to ensure that your plans are being considered.
0 votes 4 answers Share Flag
Sat May 12, 2012
Hans Klemm answered:
I wish to express my respect and my consideration for the answer well done and the kind manner to conclude to Annette Lawrence.
The level of her statements should be more common in this forum in order to give the right message of competence and integrity to any visitor and make them understand why a RE agent is worth his money. ... more
0 votes 17 answers Share Flag
Mon Apr 30, 2012
Irina Karan answered:
Yes, you should be.
First of all, do you have this agreement in writing?
You got to make sure that you receive some kind of acknowledgment of your payments.
You can also negotiate how this is reported to the credit agencies - paid as agreed should be fair.
In the mean time, keep all of the proofs of your payments and communications with this bank.
Keep a log of dates, time, representative's names re. your communications with the bank.

Hope this helps,

Irina Karan
Beachfront Realty, Inc.
... more
0 votes 6 answers Share Flag
Mon Apr 30, 2012
Irina Karan answered:
Hello Duke,

You are obligated to pay your rent, as your lease is binding.
The owner not paying his mortgage is between him and the bank that the mortgage is with (the owner should not be receiving money and not paying anything to the bank).

For your sake, I hope that the owner will be paying his maintenance fees (and maybe the taxes also), because, if he is not, the association may cut your access to the amenities and can have you start paying them instead of the owner.

I agree that consulting a real estate attorney is very good.

Hope this helps,

Irina Karan
Beachfront Realty, Inc.
... more
0 votes 11 answers Share Flag
Wed Jan 6, 2010
Dominick Martinez 5-Star Agent answered:
You have been provided lots of usefull information already Luna, but to answer your question from my point of view ,(I'm Not an attorney ) legally after the foreclosure sale if theres a deficiency amount , its very possible the lender can file a judgement law suit against you for this defieciency amount. All depends if you have any equity left on your property , which most homes dont at this time. Please feel free to contact me with your property address to provide you with an evaluation and explain to you your alternate options and possibly avoid a foreclosure. Act soon before its too late ... more
0 votes 5 answers Share Flag
Wed May 13, 2009
Wenceslao Fernandez Jr answered:
Hey, Ae. What was the outcome or decision you made?

If you are still looking for opportunities, realize that, more and more news organizations are starting to point out grains of mustard seeds in our economy.

Also note that, the number of properties sold in Miami-Dade County has gone up every month for the past 7 or 8 months mostly as a result of lower prices, mortgage rates and other federal incentives (like the first time homebuyer tax credit).

However, it is economics 101. As inventories drop due to increased sales resulting from lower prices, at some point we'll hit some mid-point. Also, interest rates are likely to begin to go up as a result of our deficit and other factors affecting money supply.

Therefore, it is in my expert opinion, highly likely that we are in the middle of our bottom (barring some other event). At least, that is what MY crystal ball says! ;-)

Jim Cramer of CNBC's Mad Money predicted several months ago after some analysis that the absolute bottom for real estate would be on 6/30/2009. We're just a few weeks away. Of course, confirmation of this will not come until months later, just like the announcement of the top of our market was not determined for several months after we all missed the top. My advise...don't try to time the bottom. It will only be known several months after it's been missed.

All the best and keep us informed.
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0 votes 2 answers Share Flag
Wed May 13, 2009
Wenceslao Fernandez Jr answered:
All the responses are quite accurate. The bottom line is: It depends!

On the condition of your building/neighborhood
On the condition of your property/unit
On your financial situation
On the team of people you are working with (Realtor, attorney, CPA/tax expert)
On the pricing/marketing strategy you are pursuing
On your lender(s)' willingness to work with you
On your willingness to work with the team of experts you've selected

In the end, if it turns out that after you've exhausted all your efforts to sell, if a modification, deed-in-lieu or bankruptcy were not options and the property ends up being sold at the courthouse steps, your lender typically has two options (remember, all accounting must balance. If you owe $100k and only pay back $50k, you still owe $50k which must be accounted for somehow).

One, they can pursue you for the "shortage" or amount you still owe by filing suit against you seeking what is called a "deficiency judgement". This is a court order allowing the lender to pursue the shortage from you. Since most sellers are basically insolvent, most lenders forgo this alternative.

Two, they can issue a 1099. This basically states that the shortage (say $50k) you still owe is a loss to them but a gain to you which you must then report in your 1040 as income (and the reason you need a tax expert). The IRS has rules and formulas on how to treat this "phantom" income and a tax expert can help determine if you will have to pay taxes on the $50k. Depending on your situation, and based on the formulas, etc, the tax expert can help you minimize or simply eliminate this possible debt or help you with a payment plan with the IRS.

Don't just sit by. Seek the advise of a Realtor who is a local market expert and Certified Distressed Property Expert, a competent real estate/bankruptcy attorney and tax professional to decide on your best course of action.

Whatever you do, DO SOMETHING TODAY.

All the best.
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0 votes 4 answers Share Flag
Wed May 13, 2009
Wenceslao Fernandez Jr answered:
Of all the answers, Lyn Sims has it best. How long should you wait? In a word: DON'T. You must act NOW and act decisively.

As soon as you know you may be in trouble, is the exact time you must seek assistance. There are many ways out of the situation, depending on your willingness to do some or more work, patience level, etc.

Counseling agencies operating under the guidance of federal mandates may be a great resource to you under certain circumstances.

However, if you feel you must sell and you understand what it means to sell "short", you should be talking with Realtors who are Certified Distressed Property Experts ALREADY.

Based on your profile, Mr. Davis, it appears as though your property is likely to be in Miami Beach. Seek a local expert but also seek the advise of a real estate attorney and a tax professional. Both have levels of expertese in their fields I cannot answer in spite of my experience.

As a local market expert and CDPE I would be glad to sit with you in my office and provide you a complementary consultation. At that time, I can also provide you information of other experts you should be speaking with and explore possible alternatives with you.

If you have not received a Lis Pendens (notice of Litigation Pending) from you lender via the courts, you may have more time to get through this than if you have received such document and either must respond soon or have missed the deadline for a response.

From experience I can tell you judges will likely work with you and grant you an extension (or even more than one), IF they see you are proactively seeking a resolution. Otherwise, they will side with the lender and proceed to a speedy process.

Your actions TODAY are imperative.
... more
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